PNC Financial Services Group Inc. Cuts Position in Avient Co. (NYSE:AVNT)

PNC Financial Services Group Inc. lowered its position in shares of Avient Co. (NYSE:AVNT) by 2.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 21,518 shares of the company’s stock after selling 543 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Avient were worth $879,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVNT. Smartleaf Asset Management LLC raised its position in Avient by 56.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 695 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in shares of Avient by 44.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the company’s stock valued at $50,000 after buying an additional 310 shares during the period. Point72 DIFC Ltd acquired a new position in Avient during the 3rd quarter worth approximately $60,000. Venturi Wealth Management LLC purchased a new position in Avient in the 4th quarter worth approximately $96,000. Finally, KBC Group NV grew its position in Avient by 47.2% in the fourth quarter. KBC Group NV now owns 4,090 shares of the company’s stock valued at $167,000 after acquiring an additional 1,312 shares in the last quarter. Institutional investors and hedge funds own 95.48% of the company’s stock.

Avient Stock Up 1.0 %

NYSE:AVNT opened at $40.68 on Tuesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.42 and a current ratio of 1.88. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 22.23, a price-to-earnings-growth ratio of 1.25 and a beta of 1.43. Avient Co. has a one year low of $37.63 and a one year high of $54.68. The stock has a 50-day simple moving average of $41.95 and a 200 day simple moving average of $45.78.

Avient (NYSE:AVNT) last issued its earnings results on Thursday, February 13th. The company reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. Avient had a return on equity of 10.44% and a net margin of 5.23%. Sell-side analysts predict that Avient Co. will post 2.85 EPS for the current fiscal year.

Avient Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Tuesday, March 18th will be issued a dividend of $0.27 per share. The ex-dividend date is Tuesday, March 18th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.65%. Avient’s dividend payout ratio (DPR) is 59.02%.

Wall Street Analyst Weigh In

AVNT has been the subject of several analyst reports. Wells Fargo & Company decreased their target price on shares of Avient from $59.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, February 14th. Robert W. Baird initiated coverage on shares of Avient in a research report on Friday. They issued a “neutral” rating and a $43.00 price objective for the company. Seaport Res Ptn raised Avient from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. Baird R W raised Avient to a “hold” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Avient from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.80.

Avient Company Profile

Avient Corporation operates as a formulator of material solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates in two segments, Color, Additives and Inks; and Specialty Engineered Materials. The Color, Additives and Inks segment offers custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, and specialty inks; custom-formulated liquid system, such as polyester, vinyl, natural rubber and latex, polyurethane, and silicone; and proprietary inks.